COVID-19 Stimulus check funds
In response to these unprecedented times, the federal government has created a stimulus plan to provide much-needed support to those impacted by the coronavirus (COVID-19). As part of this plan, the automatic distribution of economic impact payments will begin in the next several weeks.
What you need to know about the payments
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive a payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child. Payments to individuals will be reduced for those with an adjusted gross income more than $75,000 and will be zero for those with an adjusted gross income more than $99,000.
*Payments to couples will be reduced for those with an adjusted gross income more than $150,000 and will be zero for those with an adjusted gross income more than $198,000.
How you will receive your payment
If the IRS does not have your direct deposit information, a solution is in the works. In the coming weeks, the Department of the Treasury plans to develop a web-based portal, so you'll be able to provide your routing and account numbers to the IRS online to set up a direct deposit. Setting up a direct deposit will help to ensure you receive your payment more quickly than waiting for a check in the mail. The IRS will provide updated information as it becomes available.
How to access your funds if you receive a paper check